Titanium Transportation saw rising logistics revenue in the third quarter, while continuing tough conditions weighed on truck transportation earnings.
The company reported Q3 results of $118.4 million in revenue, up 5.1% year over year. This was driven by a 24% increase in logistics volumes, leading to an 18% year-over-year revenue gain.
The company opened an eighth U.S. freight brokerage office shortly after the end of Q3.
“During the first three quarters of the year, Titanium remained focused on navigating a challenging freight environment and strengthening our capital position,” Titanium chief executive officer Ted Daniel said in a release.
“Despite ongoing market pressures, our logistics segment delivered 24% volume growth and over 18% revenue growth in Q3 2024, reflecting modest stabilization in pricing. Economic normalization in the truck transportation industry has yet to follow. In the meantime, we proactively pursued sustainable growth opportunities and generated free cash flow to fortify our balance sheet. For the remainder of the year, we are committed to leveraging strategic investments in people and technology to position the company for long-term value creation as soon as the market recovers.”
Titanium posted a quarterly loss of $400,000 due to weak market conditions in the truck transportation segment.
“The market’s performance in the third quarter was in line with expectations, driven largely by ongoing overcapacity, especially in the truckload sector,” Daniel said. “Early signs of stabilization are emerging, though freight rates remain at relatively low levels. The rebalancing of capacity continues as fleet operators recalibrate their operations. We believe this gradual reduction of excess capacity will pave the way for improved pricing in coming quarters.”
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